India's crude import will increase: Moody's
India's crude import bill will grow fatter despite numerous measures by successive governments to reduce its dependence on crude.
A Moody's report on Monday said that "India's oil and gas consumption will support its investments in refining capacity and upstream production, but crude imports will keep growing amid stagnant production".
India imports nearly 80 per cent of its oil requirement which makes is highly dependent to imported oil and hence susceptible to wild fluctuations in the international oil market.
The governments push towards electric vehicles to reduce dependence on imported oil was also not seen to bearing fruit in the near term.
Moody's said: "Even though the government is encouraging faster adoption and manufacturing of electric vehicles, the response has not been great because of a lack of high-quality, affordable vehicles and the evolving charging infrastructure".
Besides, the government pressure for shareholder returns will "temper National Oil Company's (NOC) credit quality", Moody's flagged.


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    Sterling Biotech Lenders Keep Pushing For Settlement with Absconding Promoters, Under Investigation for Money Laundering
    Even while the National Company Law Tribunal (NCLT)’s Mumbai bench blasted a consortium of banks for their attempt to withdraw the bankruptcy petitions of the Sterling Biotech group—bankers themselves seem to be in a defiant mood and are set to contest the NCLT order.  This was decided at a meeting of Sterling Biotech lenders on 9th May that Moneylife has accessed. 
    Remember, the sterling group owes over Rs15,600 crore to a consortium of banks led by Andhra Bank (Sterling Biotech owes over Rs7,500 crore to lenders, sister concern Sterling SEZ owes over Rs8,100 crore). It has offered to pay less than 45% of this amount as a one-time settlement. But what is important here is that the promoters of Sterling -- Nitin, Chetak and Dipti Sandesara and Hitesh Patel—are absconding from India and are also under investigation by all the top investigation agencies in India. 
    So what emboldens bankers in this specific case when the courts have questioned their conduct? The Gujarat-based Sandesaras have been known for their political connections and their closeness to former CBI special director Rakesh Asthana. 
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    Chanda Kochhar Money Trail-IV: Ubiquitous Mhatre locked in Kochhar family enterprise
    As one goes deeper and deeper into the concentric circle of rot left behind by the Kochhars, the revelations are confounding. La Familia was never of this magnitude and its bedrock couldn't have been open and naked cronyism to this degree. Paper trails always have a missing link. The missing link leads you to the destination, in this case helps connecting the dots.
    In Brothers Kochhars case, the missing link is Sharad Mhatre. In hot pursuit of the paper trail of family enterprise, IANS has now found that two investment companies, Elegant Investrade Pvt Ltd and Daisy Finvest, were used by the Kochhars to further their business interests. Elegant was incorporated on January 29, 1997 by Ms Savita Naik and Mr Sidharth Jadhav for Rs 20. 
    Sometime in 1997, it was acquired by Anand Mohan Dalwani, a resident of 6 B Prem Kutir, 177, Backbay Reclamation, Marine Drive, Mumbai-20. The same year, Banque Indo Suez (later known as Calyon Bank), one of the key lenders to Credential Finance Ltd (CFL), filed company petition No 265 of 1997 before the Bombay High Court for winding up of CFL for their failure to repay the loan and the appointment of a liquidator.
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